Read all about it at the above link. There’s way too much to process here. This is going to be wild.

  • 👁️👄👁️@lemm.ee
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    1 year ago

    They have complete control. They can just ban the account who owns the coins, or block them from using it because they are the some platform that it’s used on. Even if a user gets banned and gives their coins to someone else, it’s trivial to track the blockchain transaction to see which account it goes into and ban that one.

    They have just as much control as the old coins, except now it burns 1000x the amount of trees and is crypto scam shit.

    • Schooner@lemmy.ml
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      1 year ago

      You can transfer it to a wallet that is not linked to reddit.

      And Ethereum is not like Bitcoin anymore, so the environmental concerns are reduced.

        • Schooner@lemmy.ml
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          1 year ago

          Yes, but they can’t be linked to a reddit account, which was your whole point.

            • Schooner@lemmy.ml
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              1 year ago

              No, they can’t. How would an EOA created in any standard wallet be linked to a Reddit vault?

              • Landbuffalo@lemmy.world
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                1 year ago

                Much of this thread seems to be a case of blind leading the blind for the sake of hate.

                The crypto community has more than its share of scams, memes, hype-driven projects, and speculations which give it a bad and unprofessional perception, but that’s just the surface.

                Ethereum/cryptocurrency has the power for great change and is actually a pretty complex topic under the hood, the details of which most people will never need to understand, just like the Internet.

                Time will tell I guess!

              • 👁️👄👁️@lemm.ee
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                1 year ago

                It’s trivial to see if they give you dumb reddit coins, that the wallet it’s going into is yours. If they ban you and see that wallet to connect to your account, clearly it’s the same person.

                • Schooner@lemmy.ml
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                  1 year ago

                  That’s not what was said. You said even if the coins are transferred to another wallet, it could be tracked to a new reddit account. It can’t.

                  • 👁️👄👁️@lemm.ee
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                    1 year ago

                    User 1 has Wallet A. User 1 gets banned. Wallet A funds all gets transfered to Wallet B. User 2 now has all the funds and can be assumed to be User 1.

    • Landbuffalo@lemmy.world
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      1 year ago

      As @schooner said ethereum uses POS which is environmentally friendly as it uses 99% less energy than the old POW mechanism.

      Also yes the account could be blocked but the crypto wallet can’t be. As far as tracking goes nothing stops as user selling on am exchange amd then purchasing more from another. Tracking is effectively stopped at that point.